Flip Houses, Flips2.com

Posted To: <a href="http://www.mortgagenewsdaily.com/channels/pipelinepress/default.aspx”>Pipeline Press

I was talking to a correspondent rep yesterday, and he said, “I just got the best question from a client. The client (not a mortgage banker or broker) asked, “Hey, we have a borrower that up until now has been using a social security number that was ‘not issued by the Social Security Administration’. They now have a green card and a valid SS number – can we go back and transfer the old income on the invalid SS# for the last few years in qualifying the borrower for a new loan?” Ha – you just can’t make this stuff up. I realize that it is almost September, but it is interesting to see what the agencies did for MBS issuance in July . Fannie Mae issued over $42 billion in MBS, up 6.4% from June, and the highest level of MBS issuance since February. Freddie, however, dropped slightly from June to…(<a href="http://www.mortgagenewsdaily.com/channels/pipelinepress/08312010-fha-mortgage-fdic-investors.aspx”>read more)

Posted To: <a href="http://www.mortgagenewsdaily.com/mortgage_rates/blog/”>MBS Commentary

Recap of Yesterday After experiencing a sizable sell off on Friday, the bond market spent the day yesterday in recovery mode. Prices of U.S. Treasuries rallied across the curve with the long end leading the way. The 10 year TSY note went out +1-00 at 100-26 yielding 2.53% (-11.6bps). The 7 year note was the star performer, rallying 25/32 in price to a yield of 1.969% (-12.3bps). Trading volume was below average and position squaring/short covering was noted. Trading volume in stocks was also apathetic, based on my records equity futures experienced their lowest volume day of the year on Globex. This is indicative of an indecisive market, something that should continue as we draw closer to the release of the Employment Situation Report on Friday. The day started slow in TBA land as dealers attempted…(<a href="http://www.mortgagenewsdaily.com/mortgage_rates/blog/169686.aspx”>read more)

Who, exactly, is in charge in Sacramento? Nominally, it’s the Democrats, who have a majority in the Legislature. But, in reality, they have abdicated their power to lobbyists. That outrageous betrayal of the …

While Portlanders continue to be plagued by home foreclosures, the number of distressed homeowners is spiking even faster in the suburbs these days. foreclosure actions filed against homeowners in upscale Lake Oswego …

Posted To: <a href="http://www.mortgagenewsdaily.com/mortgage_rates/blog/”>MBS Commentary

I sat down to write “The Week Ahead” last night and drew a blank. Not that it was a tedious task outlining the events that held the potential to move mortgage rates, that was the easy part. My frustrations arose when formulating an outlook. Allow me to think out loud for a moment… We’ve just come off a week that ended with a scary sell off, but that sell off wasn’t exactly unexpected though. The “rate sheet influential” end of the yield curve was/is extremely overbought and positions skewed largely toward the LONGS . If not for pure position squaring purposes, Treasuries were due a correction and it happened. The bond market is clearly still searching for directional guidance though. This is evident via added chopatility around econ data, specifically at the price highs and lows. It is also…(<a href="http://www.mortgagenewsdaily.com/mortgage_rates/blog/169613.aspx”>read more)

Posted To: <a href="http://www.mortgagenewsdaily.com/consumer_rates/”>mortgage Rate Watch

Last week ended on a very sour note for mortgage rates… After a better than expected read on 2nd quarter GDP and a not so scary speech from the Federal Reserve Chairman, the 10 year Treasury note yield rose 16.6 basis points and mortgage-backed securities prices fell significantly. This forced lenders to reprice for the worse, which increased mortgage rates. Although consumer borrowing costs rose by about 10 basis points on the week (0.10% of the loan amount), the best 30 year fixed mortgage rates remained in a range between 4.25% and 4.50%. The economic calendar is quite busy this week. The most influential report will be released on Friday; the Employment Situation Report. Because this data provides an in-depth look at the health of the driving force behind consumer spending, the labor…(<a href="http://www.mortgagenewsdaily.com/consumer_rates/169528.aspx”>read more)

Posted To: <a href="http://www.mortgagenewsdaily.com/channels/pipelinepress/default.aspx”>Pipeline Press

Few people feel that mortgage banking is a non-profit proposition. And even though we still have seven months until the compensation rules change/may change, loan officer pay seems to be on the front burner for many originators . For example, Nationstar , a wholesale company calling on brokers, just told their clients that starting last week it will "cap the Broker's Net Yield Spread Premium (YSP) to the following: Fixed-rate loan products – 3%, ARM loan products – 2%. Nationstar is defining Net YSP as the following: Gross YSP less any and all investor and Nationstar price adjustors. If brokers want to credit fees for the borrower, the fees must be deducted from the broker's Max YSP of 3% on Fixed-rate loan products and 2% on ARM loan products." MND alluded to this HERE It…(<a href="http://www.mortgagenewsdaily.com/channels/pipelinepress/08302010-compensation-mortgage-broker.aspx”>read more)

Posted To: <a href="http://www.mortgagenewsdaily.com/mortgage_rates/blog/”>MBS Commentary

Economic Calendar The first Friday of a new month is upon us, that means the official Employment Situation Report is just ahead. Because this data provides an in-depth look at the health of the driving force behind consumer spending, the labor market, investing sentiment is highly dependent on the findings of the two surveys that make up the Employment Situation Report: Non-Farm Payrolls and the Household Survey. With that in mind, leading up to the release the market will likely be hesitant to head too far in either direction without adequate confirmation and acceptance of that move. From Reuters : U.S. August payrolls and unemployment data on Friday. Payrolls are forecast to have fallen by about 99,000, according to Reuters polling, a smaller fall than the 131,000 in July. After the recession…(<a href="http://www.mortgagenewsdaily.com/mortgage_rates/blog/169503.aspx”>read more)

Barack Obama and the Democrats he led to a stunning victory two years ago are going down hard in the face of an economic crisis that he did nothing to create but which he has failed to solve. That is somewhat …

Los Angeles — foreclosures are helping to thin the ranks of U.S. homes with mortgages that exceed what the properties are worth, new data shows. Real estate data provider CoreLogic said Thursday there were 11 …